KEY EVENTS TO WATCH FOR:

Tuesday, June 12, 2018  

3^rd Quarter Manpower Quarterly U.S. Employment Outlook Survey

6:00 AM ET. May NFIB Index of Small Business Optimism

                       Small Business Idx (previous 104.8)

7:45 AM ET. The Retail Economist/Goldman Sachs Weekly Chain Store Sales Index

                       Chain Store Sales, W/W% (previous -5.6%)

                       Chain Store Sales, M/M% (previous +3.8%)

8:30 AM ET. May CPI

                       CPI, M/M% (previous +0.2%)

                       Core CPI, M/M% (previous +0.1%)

                       Energy Idx, M/M% (previous +1.4%)

                       Food Idx, M/M% (previous +0.3%)

                       Real Avg Wkly Pay-Infla Adj, M/M% (previous -0.1%)

                       CPI, Y/Y% (previous +2.5%)

                       Core Annual, Y/Y% (previous +2.1%)

8:30 AM ET. May Real Earnings

8:55 AM ET. Johnson Redbook Retail Sales Index

                       Ret Sales Mo-to-Date, M/M% (previous +0.1%)

                       Ret Sales Mo-to-Date, Y/Y% (previous +4.1%)

                       Latest Wk, Y/Y% (previous +4.0%)

12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE)

                       Corn, End Stocks (Bushels)

                       Soybeans, End Stocks (Bushels)

                       Wheat, End Stocks (Bushels)

4:30 PM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls) (previous -2.0M)

                       Gasoline Stocks, Net Chg (Bbls) (previous +3.8M)

                       Distillate Stocks, Net Chg (Bbls) (previous -0.9M)

  N/A              U.S. Federal Open Market Committee meeting

The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes ""

The June NASDAQ 100 closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but are turning neutral to bearish hinting that a short-term top is in or near. Closes below the 20-day moving average crossing at 7015.64 would confirm that a short-term top has been posted. If June extends the rally off April's low into uncharted territory, upside targets will be hard to project. First resistance is last Thursday's high crossing at 7234.25. Second resistance is is unknown. First support is the 10-day moving average crossing at 7103.77. Second support is the 20-day moving average crossing at 7015.64. 

The June S&P 500 closed slightly higher on Monday as it extends the rally off April's low. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off May's low, March's high crossing at 2806.00 is the next upside target. Closes below the 20-day moving average crossing at 2734.67 would confirm that a short-term top has been posted. First resistance is today's high crossing at 2789.50. Second resistance is March's high crossing at 2806.00. First support is the 20-day moving average crossing at 2734.67. Second support is the 50-day moving average crossing at 2689.97. 

The Dow closed slightly higher on Monday as it extends the rally off May's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow extends the rally off May's low, March's high crossing at 25,449.15 is the next upside target. Closes below the 20-day moving average crossing at 24,843.17 would confirm that a short-term top has been posted. First resistance is today's high crossing at 25,402.83. Second resistance is March's high crossing at 25,449.15. First support is the 20-day moving average crossing at 24,843.17. Second support is the late-May's low crossing at 24,247.84.      

INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""

June T-bonds closed down 10/32's at 143-23.

June T-bonds closed lower on Monday.The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 143-05 would confirm that a short-term top has been posted. If June extends the rally off May's low, April's high crossing at 147-03 is the next upside target. First resistance is May's high crossing at 146-23. Second resistance is April's high crossing at 147-03. First support is the 20-day moving average crossing at 143-05. Second support is May's low crossing at 140-05.      

June T-notes closed down 35-points at 119-260.

June T-notes closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 119.183 are needed to confirm that a short-term top has been posted. If June renews the rally off May's low, February's high crossing at 122.020 is the next upside target. First resistance May's high crossing at 121.125. Second resistance is February's high crossing at 122.020. First support is the 20-day moving average crossing at 119.183. Second support is May's low crossing at 118.105.     

ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""

July crude oil closed lower on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 68.64 would confirm that a short-term low has been posted. If July extends the decline off May's high, April's low crossing at 61.73 is the next downside target. First resistance is the 50-day moving average crossing at 67.76. Second resistance is the 20-day moving average crossing at 68.64.First support is last Tuesday's low crossing at 64.22. Second support is April's low crossing at 61.73. 

July heating oil closed lower on Monday. The mid-range close sets the stage for a steady to lower opening when Tuesday's night trading session begins. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 221.46 are needed to confirm that a short-term low has been posted. If July resumes the decline off May's high, the 50% retracement level of the February-May-rally crossing at 205.38 is the next downside target. First resistance is the 20-day moving average crossing at 221.46. Second resistance is May's high crossing at 229.87. First support is the 38% of the February-May-rally crossing at 211.14. Second support is the 50% retracement level of the February-May-rally crossing at 205.38. 

July unleaded gas closed lower on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 217.66 are needed to confirm that a short-term low has been posted. If July renews the decline off May's high, the 62% retracement level of the February-May-rally crossing at 200.25 is the next downside target. First resistance is the 20-day moving average crossing at 217.66. Second resistance is May's high crossing at 226.25. First support is the 50% retracement level of the February-May-rally crossing at 205.59. Second support is the 62% retracement level of the February-May-rally crossing at 200.25.

July Henry natural gas closed higher on Monday. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July renews the rally off May's low, last-October's high crossing at 3.043, is the next upside target. Today's close below the 50-day moving average crossing at 2.844 confirms that a short-term top has been posted. First resistance is May's high crossing at 3.000. Second resistance is last October's high crossing at 3.043. First support is the 50-day moving average crossing at 2.844. Second support is the reaction low crossing at 2.804.  

CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""

The September Dollar closed slightly higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off May's high, the reaction low crossing at 91.67 is the next downside target. If September renews the rally off February's low, weekly resistance crossing at 95.07 is the next upside target. First resistance is May's high crossing at 94.50. Second resistance is weekly resistance crossing at 95.07. First support is the reaction low crossing at 91.67. Second support is the 50-day moving average crossing at 91.58. 

The September Euro closed higher on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off May's low, the 50-day moving average crossing at 121.23 is the next upside target. If September resumes the decline off April's high, the 62% retracement level of the 2016-2018 rally crossing at 115.36 is the next downside target. First resistance is the reaction high crossing at 119.33. Second resistance is the 50-day moving average crossing at 121.23. First support is the 62% retracement level of the 2016-2018 rally crossing at 115.36. Second support is the 75% retracement level of the 2016-2018 rally crossing at 112.78.    

The September British Pound closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last Thursday's high crossing at 1.3533 are needed to confirm that a short-term low has been posted. If September renews the decline off April's high, last November's low crossing at 1.3194 is the next downside target. First resistance is last-Thursday's high crossing at 1.3533. Second resistance is the reaction high crossing at 1.3695. First support is May's low crossing at 1.3280. Second support is last November's low crossing at 1.3194. 

The September Swiss Franc closed slightly lower on Monday. The high-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 1.0287 would open the door for additional gains near-term. Closes below the 20-day moving average crossing at 1.0182 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 1.0287. Second resistance is the 38% retracement level of the February-May-decline crossing at 1.0431 is the next upside target. First support is May's low crossing at 1.0057. Second support is weekly support crossing at 0.9833.

The September Canadian Dollar closed lower on Monday. The mid-range close sets the stage for a steady opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes above the 50-day moving average crossing at 78.22 is needed to confirm that a short-term low has been posted. If September renews the decline off April's high, March's low crossing at 76.50 is the next downside target. First resistance is May's high crossing at 78.75. Second resistance is April's high crossing at 80.00. First support is last-Tuesday's low crossing at 76.70. Second support is March's low crossing at 76.50.  

The September Japanese Yen closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday’s night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off May's high, May's low crossing at 0.8992 is the next downside target. Closes above the 50-day moving average crossing at 0.9274 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 0.9274. Second resistance is the reaction high crossing at 0.9393. First support is May's low crossing at 0.9051. Second support is the 87% retracement level of the October-March-rally crossing at 0.9006.   

PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""

August gold closed higher on Monday as it extends the trading range of the past three-weeks. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 1312.60 are needed to confirm that a short-term low has been posted. If August resumes the decline off April's high, the 75% retracement level of the December-January-rally crossing at 1283.70 is the next downside target. First resistance is the reaction high crossing at 1312.60. Second resistance is May's high crossing at 1332.40. First support is the 75% retracement level of the December-January-rally crossing at 1283.70. Second support is the 87% retracement level of the December-January-rally crossing at 1268.40.

July silver closed higher on Monday as it extends the rally off May's low. The high-range close set the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off May's low, April's high crossing at 17.425 is the next upside target. Closes below the 20-day moving average crossing at 16.672 would confirm that a short-term top has been posted. First resistance is today's high crossing at 16.975. Second resistance is April's high crossing at 17.425. First support is the 20-day moving average crossing at 16.672. Second support is the reaction low crossing at 16.190.        

July copper closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off March's low, last-December's high crossing at 334.20 is the next upside target. Closes below the 20-day moving average crossing at 312.78 would confirm that a short-term top has been posted. First resistance is last Thursday's high crossing at 331.55. Second resistance is last-December's high crossing at 334.20. First support is the 10-day moving average crossing at 317.19. Second support is the 20-day moving average crossing at 312.78.   

GRAINS? http://quotes.ino.com/ex?changes/?c=grains "

July Corn closed down 10 3/4-cents at 3.67. 

July corn closed sharply lower on Monday as it extends the decline off May's high. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off May's high, January's low crossing at 3.62 is the next downside target. Closes above the 20-day moving average crossing at 3.93 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 3.84. Second resistance is the 20-day moving average crossing at 3.93. First support is today's low crossing at 3.66 3/4 Second support is January's low crossing at 3.62.  

July wheat closed down 5 1/4-cents at 5.14 3/4. 

July wheat closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July renews the decline off May's high, the 50-day moving average crossing at 5.05 is the next downside target. If July renews the rally off March's low, the 75% retracement level of 2017's decline crossing at 5.66 1/4 is the next upside target. First resistance is the 62% retracement level of the July-December-decline crossing at 5.43 3/4. Second resistance is the 75% retracement level of 2017's decline crossing at 5.66 1/4. First support is the 50-day moving average crossing at 5.05. Second support is May's low crossing at 4.86 1/4.       

July Kansas City Wheat closed down 3 1/2-cents at 5.34 3/4. 

July Kansas City wheat closed lower on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July renews the decline off May's high, May's low crossing at 5.02 1/2. If July renews the rally off May's low, the 75% retracement level of the July-December-decline decline crossing at 5.77 is the next upside target. First resistance is May's high crossing at 5.74 3/4. Second resistance isthe 75% retracement level of the July-December-decline crossing at 5.77. First support is May's low crossing at 5.02 1/2. Second support is the reaction low crossing at 4.94 3/4. 

July Minneapolis wheat closed down 2 3/4-cents at 5.89 3/4. 

July Minneapolis wheat closed lower on Monday as it extended the decline off May's high. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the aforementioned decline, April's low crossing at 5.81 is the next downside target. Closes above the 20-day moving average crossing at 6.13 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 6.13. Second resistance is May's high crossing at 6.51. First support is today's low crossing at 5.89 1/4. Second support is April's low crossing at 5.81.  

SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "

July soybeans closed down 15 3/4-cents at 9.53 1/2. 

July soybeans closed lower on Monday as it extends the decline off March's high. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off May's high, the 75% retracement level of the 2015-2018-rally crossing at 9.29 1/2 is the next downside target. Closes above the 20-day moving average crossing at 10.09 3/4 would confirm that a low has been posted. First resistance is the 20-day moving average crossing at 10.09 3/4. Second resistance is the 50-day moving average crossing at 10.29 1/4. First support is today's low crossing at 9.53 1/4. Second support is the 75% retracement level of the 2015-2018-rally crossing at 9.29 1/2.

July soybean meal closed down $6.20 at 351.60. 

July soybean meal closed lower on Monday as it extends the decline off May's high. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off May's high, the 75% retracement level of the January-May-rally crossing at 339.30 is the next downside target. Closes above the 20-day moving average crossing at 373.30 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 367.60. Second resistance is the 20-day moving average crossing at 373.30. First support is the 62% retracement level of the January-May-rally crossing at 351.20. Second support is the 75% retracement level of the January-May-rally crossing at 339.30. 

July soybean oil closed up 3 pts. At 30.55. 

July soybean oil closed higher on Monday. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off May's high, May's low crossing at 30.15 is the next downside target. Closes above the 50-day moving average crossing at 31.27 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 31.27. Second resistance is May's high crossing at 32.05. First support is last Friday's low crossing at 30.27. Second support is May's low crossing at 30.15.

LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock 

July hogs closed down $1.33 at $79.40. 

July hogs posted a key reversal down and closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off April's low, the late-February high crossing at 84.67 is the next upside target. Closes below the 50-day moving average crossing at 77.70 would confirm that a short-term top has been posted. First resistance is today's high crossing at 81.63. Second resistance is the late-February high crossing at 84.67. First support is the 50-day moving average crossing at 77.70. Second support is May's low crossing at 74.97.  

October cattle closed down $1.20 at 107.00. 

October cattle posted a key reversal down and closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that a short-term top is in or near. Closes below the 20-day moving average crossing at 105.37 would confirm that a short-term top has been posted. If October extends the rally off May's low, April's high crossing at 110.05 is the next upside target. First resistance is today's high crossing at 108.90. Second resistance is April's high crossing at 110.05. First support is the 20-day moving average crossing at 105.37. Second support is May's low crossing at 101.50.

August Feeder cattle closed down $1.33 at $145.95. 

August Feeder cattle closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 143.45 would confirm that a short-term top has been posted. If August extends the rally off May's low, March's high crossing at 153.88 is the next upside target. First resistance is May's high crossing at 149.50. Second resistance is March's high crossing at 153.88. First support is the 20-day moving average crossing at 143.45. Second support is May's low crossing at 136.25.    

FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food 

July coffee closed slightly lower on Monday. The mid-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this month's decline, April's low crossing at 11.53 is the next downside target. Closes above the 10-day moving average crossing at 11.96 would confirm that a short-term top has been posted. 

July cocoa closed slightly lower on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 25.17 would confirm that a low has been posted. If July extends the decline off April's high, the 75% retracement level of the December-April-rally crossing at 21.02 is the next downside target.  

July sugar closed higher on Monday. The high-range close set the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If July renews the rally off April's low, the 25% retracement level of the 2016-2018-decline crossing at 13.03 is the next upside target. If July renews the decline off June's high, May's low crossing at 11.12 is the next downside target. 

July cotton closed lower due to profit taking on Monday but not before posting a new high close for the year. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends this year's rally, weekly resistance crossing at 97.35 is the next upside target. Closes below the 20-day moving average crossing at 89.56 would confirm that a short-term top has been posted.